# Befesa Lifts FY26 EBITDA Guidance to €286 million–€296 million on €26 million US 45X Grant

> Befesa raised FY26 adjusted EBITDA guidance to €286 million–€296 million, including about €26 million from a US Section 45X grant expected in Q4 2026 and subject to IRS review.

- Published: 2026-10-28T17:32:35+00:00
- Section: Earnings & Results
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-28/befesa-raises-fy26-ebitda-outlook-45x-grant
- Source: [TradingView](https://www.tradingview.com/news/tradingview:fe1b06d738077:0-befesa-s-a-bfsa-raises-fy26-ebitda-outlook-to-286m-296m-on-45x-grant/)

## Key takeaways

- Befesa now guides FY26 adjusted EBITDA to €286 million–€296 million, including about €26 million from a US Section 45X grant expected in Q4 2026.
- Excluding the grant, Befesa narrowed its FY26 adjusted EBITDA guidance to €260 million–€270 million.
- Befesa reported 9M26 EBITDA of €192 million, up 10% year over year, and expects EPS above €2.9.

[Befesa](https://akta.pro/company-profiles/000fpqe/befesa) raised its full-year 2026 adjusted EBITDA outlook to €286 million–€296 million, including about €26 million from a US Section 45X grant expected in the fourth quarter of 2026, [TradingView](https://www.tradingview.com/news/tradingview:fe1b06d738077:0-befesa-s-a-bfsa-raises-fy26-ebitda-outlook-to-286m-296m-on-45x-grant/) reported. Befesa is a Luxembourg-based industrial recycler of steel dust and secondary aluminum, according to [akta.pro company records](https://akta.pro/company-data).

## Befesa's 45X Grant and Core Guidance

Befesa narrowed its FY26 adjusted EBITDA guidance to €260 million–€270 million excluding the US Section 45X grant, and now guides €286 million–€296 million including it. The roughly €26 million grant is expected to be recognized in the fourth quarter of 2026. Cash from the grant is expected in the first half of 2027 and remains subject to IRS review.

The company reported 9M26 EBITDA of €192 million, up 10% year over year. Befesa said it expects EPS above €2.9, subject to final accounting. Net leverage stands at about 1.8x including the 45X grant.

## Befesa's US Recycling Footprint

Befesa acquired American Zinc Recycling for $460 million, or €380 million, in August 2021, establishing a US footprint, according to akta.pro company records. In October 2022, Befesa acquired the remaining 93% stake in its US zinc refining business, AZP, for $47 million. The same records show Befesa operates more than 50 facilities worldwide and processed over 1.2 million metric tons of EAF steel dust globally in 2024.

## Befesa's Earnings Momentum Into 2026

Befesa reported first-half 2026 adjusted EBITDA of €124 million, up 11% year over year, driven by higher steel-dust recycling volumes and favorable zinc prices, with the company reaffirming full-year guidance of €250 million–€270 million, [Markets Daily](https://akta.pro/news-signals) reported on August 1, 2026. On August 7, 2026, Jefferies raised its price target for Befesa from €43 to €45 while maintaining a "Buy" rating, driven by quarterly report adjustments and raised earnings forecasts, FinanzNachrichten.de reported. On August 4, 2026, Deutsche Bank Research maintained its "Hold" rating on Befesa while raising its price target from €35 to €39 following the company's second-quarter results, FinanzNachrichten.de reported.

## Befesa's Grant Cash Timing

Befesa expects cash from the US Section 45X grant in the first half of 2027, subject to IRS review, according to TradingView. The company's [own announcement](http://www.befesa.com) covers the raised outlook.

## Companies in this story

- [Befesa company profile](https://akta.pro/company-profiles/000fpqe/befesa) · website: http://www.befesa.com

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